Group 1 - The company announced the sale of 161 million shares of its subsidiary, Baolong Commercial, for a total consideration of HKD 361 million, with the transaction expected to close on January 27, 2026 [1] - The real estate industry in China has been undergoing a deep adjustment since the second half of 2021, leading to unprecedented liquidity pressures for the company [1] - The company has implemented various measures to alleviate liquidity pressures, including accelerating the pre-sale and sale of properties, extending debt maturities, and seeking new financing channels [1] Group 2 - The company has been working with professional advisors to manage its offshore debt and aims to respect the rights of all stakeholders while unlocking the intrinsic value of its business and assets [2] - A restructuring support agreement was signed on October 10, 2025, with broad support from creditors, with over 85.48% of the planned debt creditors agreeing to the restructuring by December 19, 2025 [2] - The restructuring plan includes options for creditors to choose from, including the sale or pledge of Baolong Commercial shares to raise a total of USD 40 million [2] Group 3 - The transfer of ownership of the target shares to the buyer will provide the company with cash proceeds in a relatively short time, improving liquidity and funding for restructuring and daily operations [3] - The sale reflects the continued support of the company's controlling shareholder and ensures continuity in the management of both the company and Baolong Commercial [3]